AirNet Announces Results of Annual General Meeting

Rhea-AI Summary

AirNet Technology (Nasdaq: ANTE) held its annual general meeting on May 31, 2024, in Beijing. Shareholders approved an increase in the company's authorized share capital. The share capital will rise from US$1,000,000 to US$40,000,000. The number of ordinary shares will increase from 22,500,000 to 900,000,000, and preferred shares from 2,500,000 to 100,000,000, each maintaining a nominal value of US$0.04 per share. This move aims to foster financial flexibility and support growth initiatives.

Positive

• Shareholders approved a significant increase in authorized share capital.
• Ordinary shares will increase from 22,500,000 to 900,000,000.
• Preferred shares will increase from 2,500,000 to 100,000,000.
• Enhances financial flexibility for future growth.

Negative

• Potential for shareholder dilution due to a large increase in authorized shares.

BEIJING, May 31, 2024 /PRNewswire/ -- AirNet Technology Inc., formerly known as AirMedia Group Inc. ("AirNet" or the "Company") (Nasdaq: ANTE), today announced that it held its annual general meeting of shareholders on May 31, 2024. At the meeting, the shareholders resolved by an ordinary resolution to increase the authorized share capital of the Company from US$1,000,000 divided into 22,500,000 ordinary shares of a nominal or par value of US$0.04 each and 2,500,000 preferred shares of a nominal or par value of US$0.04 each to US$40,000,000 divided into 900,000,000 ordinary shares of a nominal or a par value of US$0.04 each and 100,000,000 preferred shares of a nominal or par value of US$0.04 each, by the creation of an additional 877,500,000 ordinary shares with a par value of US$0.04 each and 97,500,000 preferred shares with a par value of US$0.04 each.

Forward-Looking Statements

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as "will," "expects," "is expected to," "anticipates," "aim," "future," "intends," "plans," "believes," "are likely to," "estimates," "may," "should" and similar expressions. The Company may also make written or oral forward-looking statements in its reports filed with, or furnished to, the U.S. Securities and Exchange Commission, in its annual reports to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Forward-looking statements are based upon management's current expectations and current market and operating conditions, and involve inherent risks and uncertainties, all of which are difficult to predict and many of which are beyond the Company's control, which may cause its actual results, performance or achievements to differ materially from those in the forward-looking statements. Further information is included in the Company's filings with the U.S. Securities and Exchange Commission. All information provided in this announcement is as of the date of this announcement, and the Company does not undertake any obligation to update any forward-looking statement as a result of new information, future events or otherwise, except as required under law.

Contact

Penny Pei
Investor Relations
AirNet Technology Inc.
Tel: +86-10-8460-8678
Email: penny@ihangmei.com 

View original content:https://www.prnewswire.com/news-releases/airnet-announces-results-of-annual-general-meeting-302160370.html

SOURCE AirNet Technology Inc.

FAQ

What did AirNet announce on May 31, 2024?

AirNet announced the results of its annual general meeting where shareholders approved increasing the company's authorized share capital.

What is the new authorized share capital of AirNet (ANTE)?

The new authorized share capital is US$40,000,000, divided into 900,000,000 ordinary shares and 100,000,000 preferred shares.

How many ordinary shares will AirNet (ANTE) have after the approved increase?

AirNet will have 900,000,000 ordinary shares after the approved increase.

How many preferred shares will AirNet (ANTE) have after the approved increase?

AirNet will have 100,000,000 preferred shares after the approved increase.

What is the nominal value of each share in AirNet (ANTE) after the increase?

Each share, both ordinary and preferred, will have a nominal value of US$0.04.